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PYUSD now ranks as the tenth-largest stablecoin by market cap.

PayPal’s PYUSD is increasingly becoming embedded in DeFi, with Morpho Blue, a decentralized lending protocol, announcing a new vault supporting the stablecoin.

On Feb. 14, Morpho announced the launch of a PYUSD vault curated by Steakhouse Financial — a DAO-focused financial advisory firm providing services to top web3 projects including MakerDAO and Lido.

Liquidity providers can earn interest on PYUSD lent out to borrowers. The vault exclusively supports Lido’s wstETH liquid staking token and Backed’s tokenized U.S. Treasury Bills as collateral assets.

Morpho said it is the first landing platform to launch support for PYUSD. The Aave community voted to support PYUSD to its money market protocol with 99.99% support in early January but is yet to onboard the token.